The company admitted Tuesday that discussions on restructuring were underway; the statement came after its own financial news flagship, the Wall Street Journal, reported that the idea was being considered — and that Chairman and CEO Rupert Murdoch was more receptive than he has been to hiving off the publishing assets. The stock shot up Tuesday morning on the notion that News Corp. will spin off its publishing business, ending the day up more than 8 percent for the day at $21.97.
The Journal reported Tuesday night that the board is expected to decide tomorrow. I was told not to expect an announcement before Thursday but given the number of people involved, that doesn’t we’ll have to wait til then for the news.
I’ve confirmed reports that investment bank Goldman Sachs is on board; Reuters also reported that Blair Ephron’s Centerview has been hired.
Full story at paidContent
While at The Telegraph:
The Journal reported Tuesday night that the board is expected to decide tomorrow. I was told not to expect an announcement before Thursday but given the number of people involved, that doesn’t we’ll have to wait til then for the news.
I’ve confirmed reports that investment bank Goldman Sachs is on board; Reuters also reported that Blair Ephron’s Centerview has been hired.
Full story at paidContent
While at The Telegraph:
If News Corp splits, the pressure will increase on its publishing division
If News Corporation pushes ahead with plans to split, it would reveal a company regaining some of its poise.
Assuming News Corp investors are handed shares in the newly formed publishing business, few will hang on to them, selling publishing and reinvesting in entertainment – that could go for family members, too. Photo: REUTERS